Mortgage loans made EASY for Business Owners, Entrepreneurs, Independent Contractors and Freelancers
We offer the best rates and terms for bank statement loans without tax returns
#1 Wholesale Mortgage Broker in Florida
14 Years In Business
2 Billion In Funded Loans
Over 5,000 + Happy Customers
We are passionate about helping self employed borrowers
We are passionate about helping small business owners, contractors, and Real Estate investors, swiftly and efficiently finance their investment goals. We customize our loan options for each unique project investment needs. No Upfront Fees! No Junk Fees! No Tax Returns!
OnMortgage provides access to funds, ensuring that all your real estate investment goals are obtainable. Our team is dedicated to assure the best possible options for our prospective borrowers.
OnMortgage helps uplift our local community by donating our time and profits!
Bank Statement Loan
Bank statement mortgage is the solution for self-employed borrowers looking to maximize the purchase power, cash out or refinance mortgage.
DSCR Loan
DSCR – Investor Cash flow loan or debt service coverage ratio loan is a that measures the property expected cash flow to determine the ability to repay the loan.
1099 Income Loan
1099 income loan works for contractors, self employed borrowers, freelancers and much more. We can use the 1099 in lieu of your tax returns to qualify for a mortgage.
P&L Loan
The P&L (Profit and Loss Statement) loan program can help self-employed borrowers qualify using an accurate picture of the borrower’s true income.
Bank statement loans are BIG solution for self-employed and 1099 borrowers
Are you tired of getting denied at banks and lenders who don’t understand your cash flow or business model. They keep asking for more documents only to get denied. Stop wasting your time and work with a lender who understands business owners and hardworking self-employed borrow. This is why we came up with the 3 month and 12-month bank statement loan program. Now you can apply with only credit, assets, and bank statements with NO tax returns required. Think outside the banks and work with us to finance your next dream home or investment. We do not require W2’s, pay stubs or tax returns to qualify. Our bank statement program allows you to qualify for a bigger home purchase with less documents and hassle. Do not miss your next home or investment purchase with this amazing loan program that is designed for hard working self-employed borrowers like yourself. Give us a call today to discuss your options with no credit check required.
How does the bank statement loan work?
Self employed Americans now have more options than before allowing the banks or lenders to use the last 3 to 12 months of the borrower’s bank statements to qualify. The lender will take the average deposits over the 3-to-12-month period as income and calculate the DTI, debt to income ratio, allowing the borrower and lender more income to qualify. Many times, business owner’s or self-employed borrowers tax returns have several write offs thus reducing the overall income lenders can use to qualify for a home loan or investment property. This program does not require any tax returns, W2’s, 1099’s or K1’s to qualify. In fact, you can qualify using 3- or 12-months bank statements as long as your business has been open for 2 years.
What types of bank statements loans are available?
You can use personal or business bank statements to qualify up to 90% loan to value, 4 million max purchase price and minimum of 3 to 12 months of bank statements. You also have access to P&L loans and 1099 loans. It is recommended you speak with your local mortgage broker to find out which option is best for you.
What is a non-qm loan?
Non-QM or non-qualified mortgage are loans that do not meet traditional guidelines per Fannie Mae or Freddie Mac. They are less regulated than traditional loans which means more flexibility for the lender and borrowers to qualify for home loans. These loans do not follow traditional loan requirements such as W2’s, pay stubs and two years of tax returns to qualify. This allows more options for self-employed and 1099 borrowers.
How to compare bank statement loans with other lenders?
You should compare the fees, interest rate and reviews online. Make sure the loan amount and down payment match on each quote so you can compare apples to apples. The origination and discount points are important to review as this can add additional closing cost. Many times, lenders will advertise lower rates that come with discount points so make sure you are reading the fine print and asking questions if the rate advertised comes with any discount points or origination fees.
Four mistakes self-employed homebuyers make:
1. Not getting pre-approved
One of the biggest mistakes that self-employed homebuyer can make is not getting pre-approved with a lender before they start shopping for a home. Sometimes homebuyers that are self-employed are not aware of credit issues they face which need to be addressed prior to purchasing a home. Often, homebuyers either overestimate or underestimate the home price they can afford to purchase, and they end up losing time searching for the wrong home. Getting pre-approved by a reputable, experienced mortgage professional is a critical part of the homebuying process. Because this is the biggest financial investment most people will make in their lives, it is important that they understand all of the steps with obtaining a mortgage for their new home. Getting pre-approved should always be the first step on the path to homeownership especially if you are self-employed.
2. Not working with a Real Estate Agent
Deciding not to work with a professional real estate agent can make the process of finding a new home a challenge, especially in a seller’s market. Some homebuyers decide they want to take control of their home search by using popular real estate websites, but those sites are not always the best sources of information. There are many times where homes show as active listings even though they may have sold, which can lead to disappointment once someone thinks they have found the house of their dreams only to find out it is no longer available. Another great reason to work with a professional real estate agent is because entering into a contract to purchase a home comes with legal obligations, and a professional real estate agent can help a homebuyer negotiate terms of the contract and help to make sure that they, as well as the seller, are meeting their legal requirements throughout the contract period. A professional real estate agent can help a homebuyer avoid a number of issues during the homebuying process.
3. Waiting too long
When home prices are on the high side, many potential homebuyers will sit on the sidelines and wait for a rumored housing crash or potential flood of foreclosures that social media posts or some of their friends may have told them about. Aside from a few rare exceptions in history, these negative housing trends usually never come around. Homebuyers also tend to want to postpone shopping for a new home when they see interest rates going up. They make the decision to wait until rates come down to a more desirable level, but that could take months, or sometimes even years for that to happen. And while these homebuyers wait to purchase their new home, they are losing out on building equity in their property, and they run the risk of losing out on properties that may be perfect for their needs. And for buyers who are renting and decide that waiting is their best option, they often do not realize they are making someone else’s mortgage payment as well as helping their landlord make a profit.
4. Understanding Bank Statement loans
When shopping for mortgage rates it is important to work with a local mortgage broker that has options for self employed borrowers. The first question you should be asking your local mortgage broker is if they offer non-QM mortgage loans or Bank Statement loans. This option allows self employed borrowers to provide 12 months of bank statements in lieu of tax returns. Many times, tax returns due to write offs have very limited income thus hurting your ability to qualify for a large home purchase. Therefore it is very important if you are self employed to ask about the bank statement loan so you can review in detail to see if this option is right for you.
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